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Household Insurance Products (IF6)

Household Insurance Products (IF6) provides an overview of the products, practices and procedures of household insurance and associated personal lines insurances in the UK.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Additional revision aids.
  • Assessment entry.

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Household Insurance Products (IF6) looks at the different household insurance products, how they work, what property is covered, the types of losses that are protected against and common extensions and exclusions.

Common extensions to cover are considered, such as personal possessions, frozen foods and pedal cycles, as well as the assistance services and helplines that are available to support policyholders.

Other products are considered including cover provided by caravan, travel, pet and livestock insurance. We also look at policies tailored to more specialist needs, including people who work from home, own holiday homes, high-net-worth customers, landlords who own and let out blocks of flats or individual houses.

We consider legal liabilities, key legal considerations, regulatory requirements of the Financial Conduct Authority (FCA) and rules contained in the Insurance: Conduct of Business Sourcebook (ICOBS).

We examine the administrative processes and actions being taken to detect and reduce fraudulent activity.

Building a successful career in insurance

This course is for you if you work in insurance or aspire for a rewarding career in insurance.

Household Insurance Products (IF6) counts towards achieving the Certificate in Insurance. It may also count towards the Diploma in Insurance and the Advanced Diploma in Insurance.

Summary of learning outcomes  

  1. Understand the scope of cover provided by household insurance products
  2. Know how to apply knowledge of the cover provided by household insurance products to a given set of circumstances
  3. Understand the legal and regulatory considerations for household insurance products
  4. Know how to apply knowledge of legal and regulatory considerations for household insurance products to a given set of circumstances
  5. Understand risk assessment, rating and underwriting of household insurance products
  6. Know how to apply knowledge of risk assessment, rating and underwriting of household insurance products to a given set of circumstances
  7. Understand claims procedures within the context of household insurance products
  8. Know how to apply knowledge of claims procedures within the context of household insurance products to a given set of circumstances

Assessment

  • 2 hour exam
  • 50 multiple choice questions (MCQs) plus 5 case studies, each comprising 5 MCQs
  • 70% nominal pass mark
  • The 2020 pass rate for this unit was 76%

Study material - editions available

2021 edition (applicable to exams sat 01 Jan 21 to 31 Dec 2021)